Sellers Offer More Freebies as Housing Market Cools
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More sellers are offering freebies like cash and rate buydowns to entice buyers as sales stall.
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35% of home sales had concessions in Oct. 2022, up from 27.6% in Oct. 2021 per Redfin.
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High mortgage rates have cooled demand, so sellers want homes sold quickly.
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16.3% of deals were canceled in Sept., highest since Oct. 2021, as buyers are very picky.
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Homes spent a median 50 days on market in Oct., longest in 7 months, but rates have since fallen.